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German ZEW economic sentiment indicator rebounds slightly, remains below long-term average

German economic expectations stayed almost unchanged in November. The ZEW Indicator of Economic Sentiment saw a rise of 0.6 points to -24.1 points. Even if the indicator rebounded a bit in the month, it is evidently in negative territory and continues to be below the long-term average of 22.7 points. The assessment of the current economic situation in Germany fell significantly in November, with the corresponding indicator declining by 11.9 points to a level of 58.2 points.

The prints released for retail sales, industrial production and foreign trade indicate towards a soft German economic development in the third quarter, stated ZEW President Professor Achim Wambach. This is seen by the fact that the current situation assessment has seen a fall. The expectations of the survey participants for the coming six months do not see any improvement.

“This means that, at the moment, they do not expect to see a speedy recovery of the currently weak development of the economy”, said ZEW President Professor Achim Wambach.

Meanwhile, the euro area’s financial market experts’ sentiment about the economic development dropped 2.6 points, leaving the corresponding indicator at -22 points. The current economic situation indicator for euro area fell 13.8 points to just 18.2 points. Therefore, the outlook for the euro area has deteriorated even more than it has for Germany.

At 12:00 GMT the FxWirePro's Hourly Strength Index of Euro was bearish at -75.8141, while the FxWirePro's Hourly Strength Index of US Dollar was slightly bullish at 55.403. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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2019-05-23 15:16:48
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